- Kraken adds over 200 contracts to Bermuda’s derivatives trading market.
- Bermuda offers a compliant and secure platform for trading crypto derivatives.
Kraken, one of the most recognized cryptocurrency exchanges, has created a new global derivatives trading venue in Bermuda. This action is an enormous way forward for Kraken, which aspires to provide a properly licensed and safe platform for clients in a sophisticated jurisdiction. The Bermuda Monetary Authority (BMA), a global leader in cryptocurrency regulation. And it has awarded Kraken the essential license to operate on its territory.
Kraken Expands its Offerings in Bermuda
Kraken’s new platform allows clients to trade more than 200 contracts, including perpetual and fixed-maturity futures. Users can choose from various collateral options, including fiat currency and over 30 different cryptocurrencies. Kraken’s 24/7 operations allow traders to easily manage their positions and adapt their digital asset exposure. The exchange is strategically positioned to meet the growing demand for derivatives. Currently, derivatives represent a significant portion of the overall cryptocurrency trading volume.
According to Shannon Kurtas, Kraken’s Head of Trading, the company’s passage into Bermuda comes at a significant time, as derivatives trading in the cryptocurrency industry continues to rise. Kurtas stated that derivatives now account for a large fraction of total crypto trade, showing strong demand for such products.
Bermuda has significantly strengthened its cryptocurrency operations since 2017, backed by pro-crypto Premier E. David Burt. The Bermuda Digital Asset Business Act, adopted in 2018, established a more formalized environment for cryptocurrency enterprises. Binance created a global compliance base in Bermuda, generating approximately 40 new jobs, and the Bermuda Stock Exchange launched the first Bitcoin exchange-traded fund in 2020.
Kraken, founded in 2011, has established itself as one of the world’s most safe and transparent cryptocurrency platforms, with over 10 million customers. This latest breakthrough supports Kraken’s goals to promote global cryptocurrency adoption and equip clients with cutting-edge financial solutions.
Additionally, the Bermuda Stock Exchange listed the first Bitcoin exchange-traded fund (ETF) in 2020, showcasing the island’s dedication to becoming a cryptocurrency leader.
